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11 Dec. 2015

AASB issues ED 274

The AASB has published for comment ED 274 Applying AASB 9 Financial Instruments with AASB 4 Insurance Contracts (Proposed amendments to AASB 4), which incorporates IASB ED/2015/11 of the same name.

The proposed amendments are intended to address concerns raised by some parties, in particular insurers, about potential issues arising from the application date of AASB 9 being before the application date for the forthcoming new Insurance Contracts Standard. In response to these concerns, the IASB has proposed two optional forms of ‘relief’ – an option that would allow reclassification of some of the income and expenses arising from designated financial assets; and an option of a temporary exemption from applying AASB 9 for entities whose predominant activity is issuing contracts within the scope of AASB 4. 

To help prepare its own submission to the IASB, the AASB is seeking comments by 18 January 2016.  Comments to the IASB are due by 8 February 2016.